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Monday, July 25, 2011

Gold hits all time nominal High $1624/oz today

The price of gold. overnight gold hit an all-time nominal high -- $1,624 an ounce. it's backed away a bit from that high here as we have about 15 minutes left in the floor session for trading. but we are looking at gains in gold that have a lot to do with what's happened in the debt crisis here in the u.s. and around the world. $140 jump in the price of gold so far this month, on track for the biggest monthly increase since april. meanwhile when you look at what's happened to some of the gold etfs, the amount of inflows we've seen in those gold etfs, we've seen huge inflows and long open interest in gold futures. that's also been climbing steadily.